Presenting a Top Package To Which Finance Candidates Say ‘Yes’

Attracting and retaining top talent isn’t easy in the finance industry. Skill shortages are afoot, and employees expect more than ever from prospective employers. Making sure you can add the best people to your team means taking a multi-faceted approach, from building the ideal company culture to prioritising work-life balance.  

As an employer, there’s one important thing you can’t overlook when you’re growing your team: building the right compensation package.   

Today’s candidates want more than a great income; the right combination of salary plus benefits is crucial to ensuring you get the best employees for the job. Here’s how you can present the best possible package to finance candidates, one they will say “yes” to.   

Step 1: Getting to Know Your Target Candidate

There’s no one-size-fits-all compensation package that will appeal to every candidate. Every person you interview will have their expectations regarding salary ranges, available benefits, and opportunities for future growth.   

Before you build a package for your new employee, research the role you’re trying to fill. Determine what kind of hard and soft skills your employee will need, what specific financial credentials and qualifications they must have, and what their responsibilities will be. 

Compare your job description to those shared by other companies in a similar region or industry and create a list of average salary options. Pay attention to the specific benefits offered to candidates in certain roles (like flexible work opportunities) and how compensation packages vary based on seniority levels and specialist skills.  

It’s also worth learning as much as possible about your industry’s average salary expectations and how they may have changed since you last filled a similar role.  

If you need help finding up-to-date information by looking at other companies, use market reports and tools like PayScale and Glassdoor to gather more data. 

Step 2: Address the Essential Financial Elements of the Package

Once you’ve done your research, you can start building your compensation package, beginning with a focus on financial elements. The exact financial benefits you offer your employees might vary depending on the role you’re filling, your industry, your budget, and other factors. 

The key elements you’ll need to think about include: 

The Base Salary

Make sure the base salary for the role is competitive based on your salary benchmarking data. If you can’t list a specific salary against a job description, choose a clear salary range depending on the candidate’s skills and experience. 

Performance-Based Bonuses and Profit-Sharing Options

Offering a potential bonus based on an employee’s performance or the company’s overall performance with “profit-sharing” options is a great way to make your package more appealing. Outline these bonus incentives in your job description. 

Equity or Stock Options

In the finance industry, access to equity and stock options can be desirable to people in senior roles. Tell your candidates whether you would be willing to give them stock options. This can increase the value they feel they’re getting from a role and align your employees’ interests with the long-term success of your company. 

Health and Wellness Benefits

Health and wellness benefits can be tied to financial compensation. For instance, you might offer generous paid time off policies compared to the competition. Or you might offer your employees access to home office stipends if they work remotely.   

Retirement Plans

By law, all employers must offer a pension scheme to employees in the UK. Your retirement plan’s attractiveness can help you attract more candidates. Consider contributing more than the minimum 3% to your employee’s pension.   

Other Financial Bonuses

Alongside the options mentioned above, you might consider other financial-supportive benefits for your employees, such as access to free budgeting support, free gym subscriptions, a company car, or travel reimbursement options.   

Step 3: Define Non-Monetary Benefits

Once you’ve outlined all aspects of your compensation package that will benefit your employees financially, you can look at other non-monetary benefits. There are plenty of non-financial options to make your package more appealing, such as: 

Career Development Opportunities

Access to development opportunities is a significant draw for financial employees. You could offer access to coaching and mentorship programs, regular training, or pay for your employees to complete specific financial certification programs.   

Alternatively, in the interview process, draw attention to how you’ll work with each employee to help them progress in their roles and how often you will offer promotion opportunities.   

Access to Cutting-Edge Technologies 

The finance industry is becoming increasingly technology-driven, and showing your candidates how to access the latest tools to streamline their work or automate tasks can make the role on offer more appealing. You could highlight some of the leading software solutions or AI systems candidates can use in their position, should they be employed. 

High Impact Projects

Research shows that employees who attach meaning to their jobs will likely leave for another role if they lack a sense of purpose. Therefore, showing candidates they’ll have a chance to work on meaningful projects can help draw them to your company. 

Flexible Work Arrangements

Make it clear if your employees can alter their work schedule, work from home when necessary, or even enjoy a four-day work week. This is a great way to show your candidates you’re committed to enhancing their work-life balance. 

Strong Company Culture

Company culture is essential to today’s finance employees. Show your candidates that you’re committed to building a diverse, equitable, and inclusive culture where every team member feels supported and empowered. Highlight your employee recognition programs and the rewards you give team members for achieving their goals.   

Step 4: Tailoring the Package Presentation

Once you’ve created the ultimate compensation package, your next step is to tailor it to each candidate. Think of it as “selling” the role to your ideal employee, where you’ll need to draw attention to the benefits that matter the most to your candidate.   

During an interview, learn as much as you can about your candidate’s priorities. For instance, are they focused on work-life balance, long-term financial health, or rapid advancement? Then, when you present the package, focus on the total compensation you’re offering – not just the base salary.  

Ensure your candidates know all the extra benefits they’ll get, like equity options or flexible work. You can even use visual aids, such as charts and graphs, to illustrate the various components of the package more clearly.  

Additionally, be prepared for your candidate to attempt to negotiate some aspects of the package based on their specific goals. Being open to reasonable negotiations will make it more likely for your candidate to accept the offer.   

Step 5: Implementing the Package

Finally, once your new employee is happy with the package you’ve presented, ensure it’s clearly outlined in their employment contract. The contract should include all components of the offer, from base salary to bonus options and benefits.   

Define each benefit in detail to avoid ambiguity. Additionally, ensure your company’s policies align with the benefits you’re offering. For instance, if you promise your employees flexible work, this should be backed up by policies for hybrid and remote work or shift swapping.  

Implement systems to track whether you’re delivering on the package you offered. For instance, monitor payroll systems and hold regular meetings with employees to gauge their satisfaction with their compensation. Ensure employees have someone they can reach with any complaints or issues they encounter.  

Lastly, make sure you regularly review and adjust compensation packages for all your hires. Remember, market conditions and industry standards can shift. Proactively adjusting salary and benefit structures will help you retain top talent. 

Create the Perfect Package for Your Finance Employees

While there’s more to attracting and retaining the best finance employees than salary, an excellent compensation package can give you a crucial edge in a skills-short industry. Combining a competitive salary with great benefits and tailoring the package you offer to your candidate’s specific needs will boost your chances of acquiring the talent you need.   

Thanks 

Rachel Mitson

About Rebus Financial Recruitment 

Rebus Financial Recruitment provides a specialist and focused recruitment service to its customers, ranging from various organisations, including SMEs, to large PLCs. 

We strive to offer both the client and candidate a seamless recruitment experience. Using our expertise, we get to the heart of employer and employee needs, and, in doing so, we match the two perfectly. 

To learn more, contact one of our team members today or call us at 01282 930930.